优化险资权益资产监管比例，发挥“耐心资本”优势

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Viewpoints - The recent notification from the National Financial Regulatory Administration optimizes the regulatory ratio of insurance funds' equity assets, enhancing support for the capital market and the real economy. This includes raising the upper limit for equity asset allocation by 5%, simplifying tier standards, and encouraging insurance funds to invest more in strategic emerging industries and venture capital funds [2][4] - The report indicates that increasing stock investments is a favorable strategy for insurance funds given the current low interest rate environment and declining yields on non-standard assets. As of the end of 2024, the investment return rates for major life insurance companies are relatively low, necessitating a shift towards high-dividend and stable profit stocks to stabilize investment returns [2][4] - The notification is seen as a significant step in optimizing insurance asset allocation, allowing insurance funds to better leverage their long-term investment capabilities and contribute to the resilience of the capital market [2][4] Summary by Sections Regulatory Changes - The notification adjusts the upper limits for equity asset investment based on solvency ratios, allowing for a more flexible investment strategy for insurance companies [6][4] - The comprehensive solvency adequacy ratios for major life insurance companies as of Q4 2024 are as follows: China Life 207.76%, Ping An Life 189.19%, Taikang Life 210.00%, and Xinhua Insurance 217.55% [4] Investment Strategies - The report emphasizes the need for insurance companies to increase their allocation to equities and equity funds, which currently account for 12% of total investments, while unlisted equity investments make up 9% [2] - The core equity asset allocation ratios for major life insurance companies as of the end of 2024 are: China Life 12.2%, Ping An 9.9%, Taikang 11.2%, and Xinhua 18.8% [2] Market Outlook - The report suggests that if the equity market remains volatile, investors should focus on companies with strong individual insurance transformation and resilient liabilities, such as Taikang Life. Conversely, if the equity market performs well, companies with greater asset flexibility like Xinhua Insurance and China Life should be prioritized [8]